Planning for the future is an important aspect of life, and creating a will plays a crucial role in it. A will allows you to dictate how your assets and estate should distribute after your passing.
However, if you die without a will, also known as dying intestate, the state’s laws come into play to determine the distribution of your property. In Colorado, intestacy laws govern the distribution of assets in such cases. Consider the implications of dying without a will set in place.
Spouse and children
If you pass away without a will in Colorado and a spouse survives you, your spouse will inherit your entire estate. However, if you have children or descendants from a previous relationship, your spouse will receive the first $150,000 of your estate plus half of the remaining balance. The other half will divide among your children or descendants.
No spouse or descendants
If you die without a spouse or descendants, your estate will pass to your parents. If your parents are not alive, your siblings will receive your assets. In the absence of siblings, your estate will distribute to your grandparents or their descendants.
No immediate family
When there is no spouse, children, parents, siblings or grandparents, the intestacy laws in Colorado broaden the search for heirs. Under such circumstances, more remote relatives such as aunts, uncles, cousins or their descendants will receive your estate.
Remember, estate planning is an essential step in securing the future and protecting your loved ones. By taking proactive measures and creating a will, you can have peace of mind, knowing that your assets will distribute according to your wishes after you pass away.